The IMF’s October 2026 Global Financial Stability Report states that tokenized real-world assets reached $65.1 billion as of July 31, including $30.4 billion in tokenized credit, $17.5 billion in money market funds, and $2.3 billion in tokenized equities. It warns that automatic liquidation, instant settlement, continuous trading, and programmable collateral could accelerate forced selling and amplify financial shocks during stress, while cross-platform collateral reuse raises leverage and transmits risk across institutions and markets. The IMF cites legal certainty, regulatory clarity, blockchain interoperability, and reliable settlement assets as barriers, recommending tech-neutral regulation, stronger oversight, circuit breakers, and safeguards against auto-liquidation instability.